Bona Film racks up $10.8 mln in net profit for 2010
Shanghai. March 3. INTERFAX-CHINA - Bona Film Group Ltd., a Beijing-based film distributor, doubled its net profit year-on-year to $10.8 million for 2010 while net losses reached $4.2 million, according to unaudited financial results released March 1.
Net revenue totaled $52.8 million last year, up 37.6 percent on an annual basis, said Bona Film in its first earnings report since floating on the Nasdaq last December.
Bona Film's most successful film released last year, "Just Call Me Nobody," generated RMB 153.93 million ($23.53 million) in urban box office revenue, accounting for 44 percent of total company revenue.
Bona Film said it plans to release 16 to 20 films this year, up from 13 in 2010.
A Bona Film press officer, who spoke on condition of anonymity, told Interfax March 3 the company plans to buy 30 to 40 cinema multiplexes in major cities nationwide but did not specify a time frame for the acquisitions. Bona Film purchased its first multiplex last April and presently owns six.
Founded in 2003, Bona Film raised $99.79 million from its Nasdaq listing. It operates in Europe, Greater China, South Korea, Southeast Asia and the U.S.
- CL
